Posts Tagged ‘medicare’
The Balance Between Age and Health Insurance Coverage
Thursday, April 8th, 201064? Let’s Talk About Medicare
Tuesday, March 9th, 2010You would be surprised to hear how many Medicare eligible clients do not understand how Medicare actually works. With an aging population, and enrollees at the highest levels to date (expected to increase dramatically with the baby boomers entering the system starting in 2011), it is most important to know the ins and outs of the system to ensure coverage in place when you need it.
People age 65 or older are entitled to Medicare Part A (hospital coverage) if they or their spouse are eligible for Social Security payments and have made payroll tax contributions for 10 or more years. Medicare coverage was also expanded to offer coverage for clients under the age of 65 if they have permanent disabilities.
Medicare Part B (physician services) is primarily funded by monthly premiums, adjusted accordingly by your modified adjusted gross income. If you get benefits from Social Security or the Railroad Retirement Board (RRB), in most cases, you will automatically get Part B starting the first day of the month you turn age 65. If you don’t want Part B, make sure to return the card to Medicare, per instructions. If you keep the card, you keep Part B and will pay Part B premiums. Note – if you don’t sign up for Part B when you are first eligible, you may have to pay a late enrollment fee.
Part D will offer you prescription drug coverage. If you choose Original Medicare (as opposed to a Medicare Advantage plan – Part C) and you want drug coverage, you must join a Medicare Prescription Drug Plan. Keep in mind that under Part B, you pay 100% for most prescription drugs, unless you have Part D or other drug coverage.
Please feel free to contact us with any questions, or to discuss your Medicare Supplement needs.
No Premium Increases for Medicare Part B in 2010
Monday, September 28th, 2009Ways to Save on your Medicare Supplement Plan
Wednesday, August 12th, 2009We all know how hard it is to keep up with ever increasing insurance premiums. Fortunately, there are always alternate plans or carriers to consider, in an effort to keep your insurance coverage comprehensive without breaking the bank.
For example, Aetna has released competitive rates for their Medicare Supplement plans. Our most popular plan, Plan F, has seen some sky-high increases over the year. If you have found yourself in this position, it may be time to shop for a new plan. Did you know that you can move them anytime of the year? However, if you do have pre-existing conditions, then you will want to wait for the guarantee issue period. This would be 30 days before and 30 days after your birthday, allowing you to change from like plan to like plan or downgrading plans (example would be Plan F to Plan F or Plan J to Plan F) without medical underwriting.
Another plan to consider would be the SmartChoice options with Anthem Blue Cross. This plan is almost identical to their regular Plan F, but has a deductible to meet prior to receiving covered benefits, like your Part A deductible, and lab work. By taking on more of the cost-sharing, in turn you receive greatly reduced premiums.
To see all of the options available to you, please visit our website today. www.insuresaver.com
Helping Seniors in the “Doughnut Hole”
Friday, July 3rd, 2009Medicare Part D is the drug portion of Medicare coverage. It is designed to assist with the overwhelming cost of medications, but there is one major flaw in their design – the gap in coverage called the “doughnut hole”. This is when the enrollee is responsible for covering the entire cost for their medications between $2,700 and $4,350. Studies show that one in four Part D enrollees reached the doughnut hole in 2007, and numbers have only increased since then.
What does this mean? Considering seniors are often living on very fixed incomes, these out of pocket expenses are too high, and results in medications being halved to make them last longer, or dosages being skipped altogether. This, of course, can create a very dangerous situation to these individuals, which clearly shows that something needs to be done.
One of the most important changes that can help to relive some of this burden would be a break in the costs of the medications themselves. Turning to the drug manufacturers has proven helpful, as they have agreed to reduce Medicare drug costs in a number of ways. From forgoing $80 billion dollars in revenues to offering substantial discounts in the medications themselves, it seems like the drug companies and Medicare drug coverage is headed in the right direction. We can only hope things continue to improve, and coverage for seniors remains comprehensive.
Medicare Made Easy
Friday, May 29th, 2009For those individuals who are turning 65, the world of Medicare may seem overwhelming. We are here to help you understand the four parts to Medicare Health Insurance. Original Medicare is the federal health insurance program available to people 65 years of age or older. Medicare is also available to younger people with certain disabilities and people with end-stage renal disease – permanent kidney failure living with dialysis or a transplant; it’s sometimes called ESRD.
Part A is Hospital Insurance. This pays for inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
Part B is Medical Insurance. This helps pay for doctors’ services, outpatient hospital care, durable medical equipment and some medical services that aren’t covered by Medicare Part A.
Medicare supplemental insurance is designed to cover the “gaps” in Medicare coverage, such as deductible and coinsurance.
Part D is Prescription Drug Coverage – Like a Medicare Advantage plan, Medicare Part D is available only from private insurers through contracts with Medicare. Joining a Medicare prescription drug plan (Part D) is voluntary, and you pay an additional monthly premium for the coverage. You are eligible to enroll if you are entitled to Medicare hospital insurance (Part A) and/or enrolled in Medicare medical insurance (Part B).



